ISLAMABAD, Aug 20 (APP):Advisor to Prime Minister on Industries and Production Haroon Akhtar Khan on Thursday said no multinational company from Pakistan’s automotive sector had exited the country during the last three years. Replying to a question in the Senate, he said strong economic policies and incentives for investors were expected to attract further investment in the country in the coming days. In a written reply, he said the Engineering …
No auto multinational exited Pakistan in three years: Haroon Akhtar
ISLAMABAD, Aug 20 (APP):Advisor to Prime Minister on Industries and Production Haroon Akhtar Khan on Thursday said no multinational company from Pakistan’s automotive sector had exited the country during the last three years.
Replying to a question in the Senate, he said strong economic policies and incentives for investors were expected to attract further investment in the country in the coming days.
In a written reply, he said the Engineering Development Board (EDB) regulated only the automotive sector and, according to its record, no multinational automotive company had left Pakistan during the period.
The advisor said investment facilitation fell under the mandate of the Board of Investment (BoI), while information regarding company closures was maintained by the Securities and Exchange Commission of Pakistan (SECP).
He said, in accordance with directions from the Prime Minister’s Office, a Voluntary Separation Scheme (VSS) was to be worked out for regular employees only.
However, he said the Utility Stores Corporation (USC) had also worked out a compensatory package for its contractual and daily-wage employees, which had been approved by the federal cabinet.
Regarding Pakistan Steel Mills (PSM), Haroon Akhtar said it was a profit-earning corporation and had accumulated profits of Rs9.54 billion up to 2007-08.
However, he said the corporation had suffered huge losses from 2008-09 onwards due to the global recession, high raw material and freight costs, devaluation of the local currency and other factors.
